Monthly JGB purchases are down to 2.9 trillion yen, nearly HALF the 5.7 trillion yen pace in mid-2024.

The BoJ is cutting purchases by ~400 billion yen per quarter through Q1 2026, slowing to ~200 billion from April 2026 onward.

Purchases are set to fall to 2.1 trillion yen by early 2027, a -63% drop from the peak.

The BoJ holds ~48% of all outstanding JGBs, the lowest in 8 years.

Japan's era of unprecedented monetary stimulus is ending.